Suppose velocity is constant and the real income elasticity of the demand for money is less than one then estimating inflation as money growth rate minus real growth rate.
Friedman and phelps suggested that there should not be a stable relationship between inflation and unemployment, but here should be a stable relationship between
The ancient Greek philosopher who tried to analyze isolated exchange because markets with standardized products were relatively rare during his are was.
"The earlier predictions underestimated currency in circulation and treasury balances at the Fed, both of which drained reserves from the banking system" Lower reserves means.
